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Chance of getting a mortgage?
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KathyChurchill
Posts: 5 Forumite
Stats:
- 25 years old
- £38k annual income
- £50k deposit
- £210k house purchase
Debt:
- £7k credit cards
- £20k student loan
- Always deep in my £2k overdraft (but it's still 0% until end of this year)
- Never missed a payment
Thanks for any advice - just want to manage my expectations before I bite the bullet and start applications.
- 25 years old
- £38k annual income
- £50k deposit
- £210k house purchase
Debt:
- £7k credit cards
- £20k student loan
- Always deep in my £2k overdraft (but it's still 0% until end of this year)
- Never missed a payment
Thanks for any advice - just want to manage my expectations before I bite the bullet and start applications.
0
Comments
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Easy - seriously do not worry....I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks. I missed out my student loan (this is a graduate loan from a high street bank, NOT a government student loan) - added it in now. Still easy? From what I have heard in the press I am concerned.Easy - seriously do not worry....
I used an online calculator and it said I could borrow £4,000!!
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Maybe I was too flippant, how much a month is the loan for?
Depending upon lender selection, this should still be straightforward...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It's zero at the moment as it's still in the one year holiday period. I believe it will kick in at around £300/month next year.Maybe I was too flippant, how much a month is the loan for?
Depending upon lender selection, this should still be straightforward...
I pay £1300/month rent and have never missed a payment, but I understand lenders won't take this into account.0 -
You should still be fine, if uncertain get a broker on the case and they can guide you through the process.
Honestly though, you should need to worry...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks, I really appreciate the help. It was the hefty credit card debt I was really worried about (especially because it's small amounts spread over LOTS of cards)...my student days...oh dear(!)You should still be fine, if uncertain get a broker on the case and they can guide you through the process.
Honestly though, you should need to worry...0 -
Is the deposit a gift from family?0
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Yes. Might that be an issue? How do lenders know where it came from?Thrugelmir wrote: »Is the deposit a gift from family?0 -
KathyChurchill wrote: »Yes. Might that be an issue? How do lenders know where it came from?
Needs to be declared.
The deposit isn't necessarily an issue. However the combination with debt and particularly the constant use of overdraft. Would give an underwriter little confidence that you yet manage your finances well enough, to be advanced the funds for a 25 year mortgage.0 -
With the loan @ £300pm and the £7k credit card @ 3% (£210pm) thats £6k pa off your income bringing you down to £32k, so you are right on 5x income, which is the max most lenders will do, and you will only be looking at a few top names, so definitely need to see a broker.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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